Q: What's driving SHOP up so much the past week or so? I see there was a report on crypto currency payments that seemed quite favourable. Where do you see it going over the next 6 months? From what I see, most analysts have it as a buy but some of the target prices are good but not great.
5i Research Answer:
SHOP has 38 BUYS, 16 HOLDS and 1 SELL. Average target is $116.32 US$ (lower than the current price). RBC raised its target from $125 to $145 this morning, however. Stifel raised its target to $110 on July 15. Other than the news noted in the question, there is nothing new in terms of material news. The stock is up 14% YTD in Canada, and the tech sector has found its mojo again and is largely ignoring tariff concerns. IF the company reports solid earnings (Aug 6) we see not reason why it could not add another 15% or so by year end, assuming normal market conditions.